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Redrow Now Expects Turnover For 2021 To Be About £1.94 Bln

Redrow plc (RDW.L) issued a trading update for the financial year ended 27 June 2021, and said the sales market remains strong since the Group announced its interim results on 10 February 2021.

The reservations per outlet per week for the financial year amounted to 0.70 and the revenue per outlet per week was £288k, all excluding private rented sector or PRS reservations. This high sales rate has been achieved despite the reduction in the use of Help to Buy which only accounted for 13% of private reservations in the second half of 2021.

Further, the company noted that it now expects turnover for 2021 to be about £1.94 billion versus £1.34 billion last year, on legal completions of 5,620 compared to the previous year's 4,032. The Group also expects an operating margin in excess of 15.5%.

At the end of the financial year the Total Order Book stood at £1.43 billion, in line with June 2020. The company ended the financial year with a net cash balance of £160 million. The average monthly cash balance was £142 million.

In addition, the company stated it has "entered the 2022 Financial Year with a very strong Order Book and the sales market remains robust." As a result, despite the earlier completion of the PRS block, the Group expects 2022 turnover to be above £2 billion. The operating margin is expected to improve to about 18%.

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